Where Is the Euro
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The short term Elliott Wave count requires the Euro to hold the overlap of wave 1 at 1.4999 to keep the labeling as an impulse wave 3 up. Please note that the Fib .618 retrace at 1.4986, is just under that level.
It is possible I suppose, that we are seeing some kind of intermediate term B wave structure up from 1.4624, but given the huge size and maturity of the Euro/USD trade etc , any intermediate term down leg has serious risk potential to gain momentum. In other words the Euro needs to hold here.
A failure by the Euro from here projects to a minimum 1.2856 as C=.618 f A. And of course the C=A at 1.1435.

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